Precious Metals Rise on Monday, May 15


Precious metals kicked of the new trading week on Monday with increases that ranged from 0.1% for gold to 1.1% for palladium. Gains in gold and silver were their first in four sessions.

Gold for June delivery rose by $2.90 to settle at $2,022.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Technically, June gold futures bulls still have the solid overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,085.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,980.90,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures traded between $2,011.20 and $2,027.50. They dipped nearly 0.3% last week, ending Friday at their lowest point since May 1.

Meanwhile, silver for July delivery added 13.7 cents, or 0.6%, settling at $24.291 an ounce. Silver futures traded between $24.05 and $24.40. The plunged by 6.9% last week, closing Friday at their worst price since April 3.

In other precious metals prices on Monday:

  • July platinum climbed by $7.70, or 0.7%, to $1,074.70 an ounce, ranging from $1,057.50 to $1,079.10.

  • Palladium for June delivery tacked on $16.50 to $1,530.30, trading between $1,506 and $1,547.

Last week, platinum shed 0.1% while palladium gained 1.8%.

US Mint Bullion Sales in 2023

Sales figures published by the U.S. Mint on Monday showed an increase in bullion coins of:

  • 26,000 ounces in American Gold Eagles,
  • 9,500 ounces in American Gold Buffalos, and
  • 403,000 ounces in American Silver Eagles.

The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.

US Mint Bullion Sales (# of coins)
Monday Last Week February March April May 2023 Sales
$50 American Eagle 1 Oz Gold Coin 21,500 13,000 41,500 211,000 159,000 34,500 564,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 8,000 1,000 8,000 0 54,000
$10 American Eagle 1/4 Oz Gold Coin 18,000 18,000 12,000 10,000 12,000 18,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 10,000 35,000 0 245,000
$50 American Buffalo 1 Oz Gold Coin 9,500 23,000 19,500 73,000 61,000 32,500 245,000
$1 American Eagle 1 Oz Silver Coin 403,000 450,000 900,000 900,000 900,000 853,000 7,502,000
$100 American Eagle 1 Oz Platinum Coin 0 0 N/A 7,500 500 0 8,000
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If you go to the US Mint site and look at Bullion sales an odd anomaly IMO exists. More Fun with numbers. As of now the US Mints bullion report is showing a missing 371,500 ounces of 1 oz AGE’s for March and April. (Total Gold sales, # of coins sold) Both March and April total number of gold coins sold is missing the AGE 1oz coins sold in March and April. Seems a bit long to reconcile IMO? At say, $1950 an ounce roughly, they have somehow misplaced 724 Million, 425 Thousand DOLLARS??? That’s $724,425,000! Just hmmm, uhhh, hanging… Read more »

Dazed and Coinfused

Well, ya gotta fund black ops and off the books deals somehow. You could counterfeit the dollars, but they have serial numbers on them and can be tracked. Like that cool site that let’s you know where your dollar has been. You can’t set em on fire and reprint on them. But gold. Well, you can melt it and make your own bars for quick transport. You can get the molds and send them to country you are paying under the table. You can even make home made casting or sculptures, add thin coat of lead and then pewter and… Read more »

Dazed and Coinfused

And at 9 they are back down. They’ll go back up about later in the evening when China opens up and buys the discounted gold. Then wall street will hammer it back down tomorrow at 9 after they sell off opening bell and buy from the profit takers of the day. It’ll move up and then slam. Beat down by 930. Rinse and repeat. By the way. The good part about so many American Businesses in China is that they can buy and sell gold at the open and close of both markets and better still. Stash their cash in… Read more »